Savills said transaction volumes in both commercial and residential markets continued to fall in the UK and US in the first quarter but overseas markets were proving more resilient. Financial Times, The Times, The Independent

In an interim management statement yesterday, Savills said there had been further falls in capital values in the UK commercial property investment market in the first quarter, although these were slower than last year.

More investors were seeing value in the market, it added, but warned that fewer were selling and that tenant demand in the City of London office and retail markets was under pressure. Elsewhere, tenant demand was fairly resilient, it said.

Demand for consultancy, property management and fund management services remained good, it said, although it was not immune to the credit squeeze.